Hock Seng Lee's second quarter earnings up 44% on higher revenue

PETALING JAYA: Sarawak-based infrastructure company Hock Seng Lee Bhd (HSL) saw its net profit for the second quarter (Q2) ended June 30 jump 44.3% to RM14.1 million, from RM9.78 million in the previous corresponding quarter, due mainly to higher revenue.
Revenue for the quarter more than doubled to RM154.2 million, compared with RM75.9 million in the same period last year.
For the six months period, its earnings rose 33.2% to RM27.9 million, against RM20.9 million a year ago, while revenue surged 67.4% to RM286 million, from RM170.8 million previously.
The construction segment contributed RM138.69 million or 90% while the property development segment registered a contribution of RM15.56 million or 10% to the group's revenue during the quarter.
The property sector has RM287 million worth of projects in hand, HSL said in a statement.
This year, it said, it has launched RM50 million worth of property projects comprising gated residences for Phase 2 of Precinct Luxe at its 200-acre La Promenade mixed development as well as industrial lots at Phase 3 of its Vista Industrial Park.

HSL has declared a first interim single-tier tax exempt dividend for 2018 of one sen per ordinary share, payable to shareholders on Oct 10. The dividend entitlement date is Sept 19.